Commerce Bancshares Q3 2022 EPS $1.02, net interest margin expands to 3.01%

COMMERCE BANCSHARES INC /MO/

2022-Q3 EPS reported $2.95

Net income $122.8M ($1.02 diluted EPS) vs $122.6M ($0.99) in Q3 2021 and $115.8M ($0.96) in Q2 2022.
Net interest income rose $14.0M QoQ to $246.4M; net interest margin increased 22 bps to 3.01%.
Average loans up $160.4M (1.0%) to $15.6B; average deposits declined $973.9M (3.4%) to $27.8B.
Company repurchased 710,879 shares at avg price $70.50; cash dividend $0.265 per share.
Allowance for credit losses on loans increased $5.3M to $143.4M (0.90% of total loans).

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